Bed Bath & Beyond reported a 25% drop-off in sales in its most recent quarter, which followed a 22% sales decline the previous quarter.
Cohen sold all of the nearly 7.8 million shares he held in Bed Bath & Beyond on Tuesday and Wednesday, at prices between $18.68 and $29.22. He also sold options tied to the stock. In March, he first revealed that he had built a nearly 10% stake in Bed Bath & Beyond, with shares purchased at prices between $13.08 and $17.10.
"How many times are ‘meme traders’ going to keep mindlessly gambling on false prophets instead of actually learning how to invest and trade?" one commenter wrote. Cohen was a big reason many investors piled into Bed Bath & Beyond, particularly after his earlier investment into heights that stunned all of Wall Street. As Bed Bath & Beyond’s stock kept going higher in recent days, many voices on Reddit and other social media sites urged other investors to keep buying. Along the way, some reveled in facing down the professional investors who had bet Bed Bath & Beyond’s stock would fall.
Despite all the furor, Bed Bath & Beyond continues to lose money as it struggles to navigate the post-pandemic retail landscape.
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